GameStop Memes (GMS), an unofficial project aiming to capitalize on the success of the Wall Street Memes (WSM) token, has raised $4 million from investors, according to a post from the project’s official X account on Feb. 14. However, some investors claim that it is an ongoing presale that takes away investors’ cryptocurrency without giving anything in return.
An anonymous investor who spent $1,000 purchasing GMS tokens alleged that he never received them. The developers allegedly informed him that the tokens would be delivered only after the presale ended. The investor also stated that the developers refused to provide a specific end date for the presale, stating that it would only end when all the tokens were sold. According to the investor, “The presale is ongoing and never-ending.”
During a conversation with Cointelegraph, the GameStop Memes development team confirmed that the tokens would be sent to investors after the presale is over. However, they did not provide a definite end date for the presale. They did mention that if the presale fails to sell out, they have plans to match the presale allocation.
It is important to note that GameStop Memes is not associated with the official GameStop retailer’s trademark or brand of retail stores. Cointelegraph reached out to GameStop for comments but did not receive a response.
GameStop Memes is inspired by and seeks to replicate the success of an earlier project called Wall Street Memes, which raised over $25 million during its presale.
The story of Wall Street Memes began in 2019 when members of the r/WallStreetBets subreddit launched an online store at Wallstmemes.com. The store featured merchandise with Wall Street-themed designs. In January 2021, WallStreetBets gained notoriety for orchestrating a short squeeze on GameStop’s shares, bringing attention to the Wallstmemes.com website associated with the Reddit group.
In May 2023, a group of developers created Wall Street Memes, a memecoin project that aimed to capitalize on the website’s success. The WSM presale featured multiple stages with increasing prices. The team allocated 50% of the raised funds to marketing to generate interest in the coin. On Sept. 26, the token was listed on the crypto exchange OKX.
On the secondary market, WSM reached a peak price of nearly $0.07 on Sept. 30, 2023. Currently, it is valued at $0.0082. The WSM development team recently launched a casino app and a new version of the coin on BNB Smart Chain, with plans for holders of the old token to redeem it for the new one.
Cointelegraph contacted the Wall Street Memes development team to determine if they are associated with the new GameStop Memes token. A representative from WSM stated that they are solely a different project.
The GameStop Memes website was launched in October and features a similar background and user interface as the earlier Wall Street Memes site. The presale is listed as being in “Stage 1.” The site claims that GMS emerged from the success of Wall Street Memes and aims to continue its legacy.
On its site, GameStop Memes claims to be partnered with various crypto media publications, including Cointelegraph. However, Cointelegraph is not a partner of GameStop Memes.
The Cointelegraph news team connected an Ethereum wallet to the project’s interface to observe the buying process. Deposits in ETH or USDT were sent to a specific address, which occasionally swapped USDT for ETH. The address also made deposits to the ChangeNOW crypto exchange and transferred funds to various centralized exchanges, including Binance, Crypto.com, and Paribu.
As of now, GameStop Memes has not distributed any tokens to investors. The token’s contract was created on Oct. 4, 2023, and the total supply of 1 billion GMS was sent to the deployer account. The tokens remain in the deployer account, and no GMS has been distributed. The developers have not sold the tokens into the market either.
In a conversation with the Cointelegraph news team, an admin from GameStop Memes stated that they aim to create a protocol that adds tangible value and foster a strong community. They did not provide a specific end date for the presale.
Despite the ongoing presale, investors continue to purchase GMS, with the latest deposit occurring on Feb. 19.